The package would give Musk 96 million shares of Tesla, each of which trades at just over $300. Musk would have to pay $23.34 for each of those shares, equal to the amount he was expected to pay when he was first awarded his 2018 compensation package.

Tesla has granted 96 million new shares worth about $29 billion to CEO Elon Musk, a move aimed at keeping the billionaire entrepreneur at the helm as he fights a court ruling that voided his original pay deal for being unfair to shareholders.

Tesla has granted its chief executive Elon Musk $29bn (£21.7bn) worth of its shares, in an attempt to keep the billionaire at the firm. The move comes after a US court struck down his 2018 pay package, worth more than $50bn, ruling that it was "unfair to shareholders".